Received a letter from NR informing me that they were splitting the Bank into NR PLC and NR (Asset Management). My account is moving to the latter.
It has been widely reported that NR was going to take this step also that one part of the re-org would contain the 'less than lucrative' mortgage book.
Attached is the FAQ that was sent which raises more questions than it answers.
I've sent the following letter can anyone suggest questions I may have missed?
It has been widely reported that NR was going to take this step also that one part of the re-org would contain the 'less than lucrative' mortgage book.
Attached is the FAQ that was sent which raises more questions than it answers.
I've sent the following letter can anyone suggest questions I may have missed?
Dear Mr Hoffman
Thank you for your letter dated Jan 10, in which you stated that my account is now to be managed by Northern Rock (Asset Management) PLC.
I am writing to ask you the following questions;
Under what contractual mechanism this action was taken.
Describe the type of mortgage that has been kept with Northern Rock Plc and why
'Precisely' what criteria was used to decide which account went to each financial institution, please use my account in defining your answer.
Why was I not consulted during the decision making process.
You have stated that Northern Rock (Asset Management) PLC is not a 'bad' bank yet have not clearly or convincingly stated why this is not so, please do so in your response.
What are your proposals to convince 'other lenders' that Asset Management is not a bad bank and that its customers are somehow less trust worthy than those of Northern Rock Plc.
My current mortgage allows me to take 'a holiday' from payments, may I continue to do this.
Why should this step not be seen as penalising Asset Management customers e.g. it is common to allow a consumer to increase the size of their mortgage when 'porting' loans, yet you have stated this is not allowed under the new company.
Would you agree this is the first step to NR getting rid of the less lucrative mortgage book.
We look forward to hearing from you very soon with comprehensive and clear answers to the above
Thank you for your letter dated Jan 10, in which you stated that my account is now to be managed by Northern Rock (Asset Management) PLC.
I am writing to ask you the following questions;
Under what contractual mechanism this action was taken.
Describe the type of mortgage that has been kept with Northern Rock Plc and why
'Precisely' what criteria was used to decide which account went to each financial institution, please use my account in defining your answer.
Why was I not consulted during the decision making process.
You have stated that Northern Rock (Asset Management) PLC is not a 'bad' bank yet have not clearly or convincingly stated why this is not so, please do so in your response.
What are your proposals to convince 'other lenders' that Asset Management is not a bad bank and that its customers are somehow less trust worthy than those of Northern Rock Plc.
My current mortgage allows me to take 'a holiday' from payments, may I continue to do this.
Why should this step not be seen as penalising Asset Management customers e.g. it is common to allow a consumer to increase the size of their mortgage when 'porting' loans, yet you have stated this is not allowed under the new company.
Would you agree this is the first step to NR getting rid of the less lucrative mortgage book.
We look forward to hearing from you very soon with comprehensive and clear answers to the above
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